GENWORTH LIFE INSURANCE COMPANY OF NEW YORK
666 Third Avenue, 9th Floor.
New York, NY 10017
Genworth Financial's founding companies date to 1871 when The Life Insurance Company
of Virginia wrote its first policy. For more than 135 years, we have built an extensive
family of financially solid, well-respected insurance companies and distribution
partnerships. Genworth is a global financial security company with more than $110
billion in assets (as of 12/31/06), with more than 7,000 people in 25 countries
serving the needs of 15 million customers.
GENWORTH LIFE INSURANCE COMPANY OF NEW YORK is rated:
Superior by A.M. Best Company, 2nd highest of 16 ratings for financial strength
(as of 06/23/2005)
Very Strong by Standard & Poor's, 4th highest of 22 ratings for financial strength
Excellent by Moody’s, 4th highest of 21 ratings for financial strength
Very Strong by Fitch, 4th highest of 22 ratings for claims paying ability
These ratings are opinions of the rating agencies and are not warranties of the
company’s ability to perform its financial obligations.
Policy Description Colony Term
Colony Term is universal life insurance product that is an affordable alternative
to traditional term life insurance. Like term life insurance, Colony Term offers
affordability and the ability to choose how longer you want to be covered. The death-
benefit guarantee is conditioned on the payment of enough premiums so that at the
beginning of the policy month the policy’s Coverage Protection Amount (defined in
the Coverage Protection Benefit section of the policy) minus any policy loan balance
is zero or greater. Policy Loans and/or withdrawals can shorten the length of the
guarantee or affect whether or not the guarantee remains in effect. Periods available
for initial planned periodic premium are either 10, 15, 20 or 30 years. Subject
to certain limits, the opportunity for additional coverage is possible the policyholder
extends the death benefit guarantee period beyond the initial period. It is important
to note that the premium needed to continue the policy will increase substantially.
Policy Form No.ICC09GA1002 or GA1002-0709 or state variations.
Since this product is not a term life insurance policy, but a universal life insurance
policy, there is no conversion feature. Term life policies have conversion features
to allow conversion to universal or whole life policy during a certain period. This
policy is already a policy.
Children's Insurance Option (Additional Cost)
Accelerated Death Benefit
Provides a lump sum benefit upon diagnosis of a terminal illness that reduces life
expectancy to 6 months or less. Availability Varies By State
Waiver of Premium Option (Additional Cost)
Waives premiums that fall due while the insured is totally disabled, provided the
insured becomes totally disabled before the policy anniversary nearest age 60 and
is totally disabled for at least 6 continuous months. Issue ages: 15-55 for 5, 10,
15, & 20 year term; 15-50 for 30 year term (15-45 for NJ). Availability varies by
Accidental Death Benefit Option (Additional Cost)